Real estate agents are looking for the countdown clock for home listings to stop during the … [+]
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As the New York City market grinds to a halt in the face of the COVID-19 pandemic, a group of brokers is asking New York City real estate marketplace StreetEasy to stop the clock counting the days on the market for all sales and rental listings.
The request comes after years of tension between brokers and the listing site, which is owned by Zillow Group.
The New York Residential Agent Continuum (NYRAC) sent a letter requesting the freeze, along with a suspension of the $6 daily rental listing rental fee, to StreetEasy early last week.
StreetEasy announced that it was cutting their $6 per day rental fee, as well as the price of upgraded advertising, in half, but has not agreed to freezing days on market.
NYRAC founding chairwoman Heather McDonough Domi said the group made the request to freeze the clock for listings because it’s an “emotional factor” for sellers.
“This Days On Market has become a real obsession for the consumer and sellers become really focused on that number,” McDonough Domi said. “To have that number keep on ticking, the sellers are feeling added pressure.”
McDonough Domi said that while some brokers have been continuing to try and get business done by virtual showings, closing deals and move-ins will be difficult because many buildings have restricted access to only residents and essential personnel.
“I think that it’s going to pretty much suspent all movement in every segment of the market,” McDonough Domi said.
Viet Shelton, a spokesperson for Zillow, said the company has been willing to provide relief to the agents who rely on the site to market their listings by cutting fees, but would stop short of hiding publicly available information.
“One of our core values at Zillow and StreetEasy is one of ‘turn on the lights,'” Shelton said. “What we mean is transparency of information for consumers, giving them as much information as possible so they can make the best decision for themselves. It’s kind of befuddling to see a request for obfuscating data that’s important for buying a home in New York.”
Jonathan Miller of Manhattan appraisal firm Miller Samuel said that while NYRAC likely made the request with best intentions, he thinks because they hiding days on market from consumers is a mistake.
“There can never be justification in editing market conditions from the consumer at any time, in any market,” Miller said. “Consumers need to see the good news with the bad news and come to their own conclusions. Market transparency is what everyone should strive for. Their days on market strategy rings familiar to 15 years ago when real estate brokers were the gatekeepers of market information. Those days are long gone.”
The clash is the latest between brokers and the listings giant.
NYRAC sent a letter to the Department of State late last year claiming that StreetEasy uses “deceptive” tactics to promote “premier agents” who have paid to advertise on the site, by, for example, displaying a contact form that puts prospective buyers in touch with the premier agent rather than the exclusive listing agent.